292 Calyx Software
Loan scenarios
4 Open the Truth-In-Lending form and complete the DatePrepared and the 1stPmt
Date
fields. Click Calculate at the bottom of the Truth-In-Lending (Reg. Z) screen.
Creating construction-to-permanent loans
Complete the Loan Application as you would for any other loan. The following
exceptions apply for construction-to-permanent loans:
1 Open page 1 of the
Loan Application.
2 In the
Term__mths field in the Type of Mortgage and Terms of Loan section, enter the
loan term in months after the construction is complete.
For example, enter
360 for a 30 year term. Do not include the construction period as
part of the term.
3 In the
Purpose of Loan section, select the Construction– Permanent check box.
4 In the
If Construction Loan section, enter the estimated construction duration, in
months, in the
Period field or click Calendar and enter the estimated date range of the
construction.
5 If the loan requires a reserve, enter the amount of the reserve in the
ReqRsv field.
Otherwise, leave the field blank.
Creating construction loans with required reserves
Complete the Loan Application as you would for any other loan. The following
exceptions apply for construction loans that require reserves.
1 Open page 1 of the
Loan Application.
2 In the
Term__mths field in the Type of Mortgage and Terms of Loan section, enter the
loan term in months after the construction is complete.
For example, enter
360 for a 30 year term. Do not include the construction period as
part of the term.
3 In the
Purpose of Loan section, select the Construction check box.
Related information
• Refer to Chapter 5, Loan Application, for more information about the
Loan Application.
• Refer to Chapter 6, Disclosures and other forms, for more
information about the
Borrower Information screen, Good Faith
Estimate
, and Truth-In-Lending disclosure.
Related information
Refer to Chapter 5, Loan Application, for more information about the
Loan Application.
Note
Required reserves increase the APR calculation.
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